A UK-focused commercial property investment fund has swooped on one of Manchester’s most “architecturally pleasing” buildings.
Acting for wealth managers St James’s Place, Orchard Street Investment Management reportedly paid £31m for Four Hardman Square in Spinningfields. Munich-based GLL Real Estate Partners owned the four-storey angular building.
“This landmark asset holds a prime position in the centre of Manchester’s most sought after office location,” commented Orchard Street’s investment transactions manager, Tom Chadwick.
“Underpinned by growing occupational demand as an increasing number of businesses are attracted to the capital of the North West region, we believe that Four Hardman Square presents an exciting opportunity for future income growth,” he added.
Completed eight years ago, the Foster & Partners designed 54,300 sq ft Grade A building has attracted numerous accolades with one describing it “as perhaps the most architecturally pleasing and fitting of all its Spinningfields neighbours”. It is currently fully let to companies that include HSBC and accountants Grant Thornton.
Will Kennon at CBRE, which represented GLL, confirmed there had been strong interest in the sale. “Four Hardman Square represented a rare opportunity to acquire a genuine trophy asset in Spinningfields, the leading international business district in Manchester,” he said.
The building’s new owner was established in 1991 by Sir Mark Weinberg, Mike Wilson and Lord Rothschild under the name of J. Rothschild Assurance Group. It was rebranded 15 years later as simply St James’s Place. As a FTSE 100-listed company it currently manages £49.1bn of client funds.
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